Make The World
More Sustainable[Provisional Translation Only]
This English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

January 7, 2021
IssuerIchigo Office REIT Investment Corporation (“Ichigo Office,” 8975)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
www.ichigo-office.co.jp/en
Asset Management Company
Ichigo Investment Advisors Co., Ltd.
Representative: Hiroshi Iwai, President
Inquiries: Sanae Hiraoka, Head of Ichigo OfficeTel: +81-3-3502-4891

Amendment to Management Guidelines of Asset Management Company(Share Buybacks and Cancellations)
Ichigo Investment Advisors (“IIA”), the asset management company of Ichigo Office,decided today to partially amend its Management Guidelines.
1. Amendment Rationale
Ichigo Office (8975) is a specialized office REIT that seeks to drive higher earnings andsustainable growth for its shareholders by drawing upon the real estate expertise of its
sponsor, Ichigo, including a broad array of value-add activities and tailored tenantservices.
While continuing these efforts, in the context of the current J-REIT market environmentand share prices, Ichigo Office believes that share buybacks and cancellations can also
be an effective method to grow long-term shareholder value. IIA is therefore amending
its management guidelines to allow for share buybacks and cancellations pursuant toArticle 8, Paragraph 2 of Ichigo Office’s Article of Incorporation.
On the basis of this Management Guidelines amendment, Ichigo Office decided today toconduct a share buyback pursuant to Article 80-5 of the Act on Investment Trusts andInvestment Corporations (“Investment Trust Act”). Upon a comprehensive assessmentof its current share price, its financial standing and cash-on-hand, and market
conditions, Ichigo Office has determined that a share buyback will maximize
shareholder value by increasing per-share NAV, EPS, and its dividend.
For details, please refer to today’s releases “Share Buyback” and “Share Buyback(Supplementary Disclosure).”2. Effective Date of Amendment
January 7, 2021

3. Amendment Details(Amendments are underlined)

Current

After Amendment

Article 13 Financing Policy

Article 13 Financing Policy

1. (no change)

1. (no change)

2. (no change)

2. (no change)

3. (no change)

3. (no change)

4. (no change)

4. (no change)

5. (new)

5. Share buybacks and cancellations shallbe conducted pursuant to the below
policy:(1) Share buybacks and cancellations
shall be conducted as part of afinancing and capital policy that seeks
to raise capital efficiency andstrengthen shareholder returns.
(2) Share buyback and cancellation
decisions shall be considered from theperspective of growing long-termshareholder value, giving due
attention to market conditions andIchigo Office’s financial standing.

4. Share Buyback and Cancellation Procedures
Ichigo Office will determine details of buybacks (number of shares, total amount,buyback period, and buyback method) at its board meetings and pursuant to provisionsof the Investment Trust Act. For details of today’s buyback announcement, please refer
to today’s releases “Share Buyback” and “Share Buyback (Supplementary Disclosure).”Ichigo Office will disclose the details of buyback results upon completion.
Ichigo Office will cancel all acquired shares via buybacks by board meeting resolution
and pursuant to provisions of the Investment Trust Act during the April 2021 fiscal
period.
5. Earnings Outlook
This amendment to the Management Guidelines has no impact on Ichigo Officeearnings.

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